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According to a new forecast from Standard Chartered Bank, Bitcoin could hit a new all-time high in August. And that's not all: the world's largest cryptocurrency could reach a value of $100,000 by the time of the US presidential elections in November 2024. Currently, Bitcoin is trading around $61,066, but according to the multinational bank, that could change.
Will Bitcoin hit $100,000 before the election?
Jeffrey Kendrick, head of foreign exchange and digital assets research at Standard Chartered Bank, said Bitcoin will likely hit a new record high in August before rising to $100,000 by election day. This prediction is in line with that of Lekker Capital expert Quinn Thompson, who sees Bitcoin hitting $100,000 by the election.
Kendrick predicted last month that the price of bitcoin would hit $150,000 by the end of the year, and he predicts that bitcoin could rise to $200,000 by 2025. “A $150,000 price by the end of 2024 would put Bitcoin in the $3 trillion market cap club, tying it with Nvidia,” Kendrick said.
United States: Presidential elections will determine the future of cryptocurrencies
Jeffrey Kendrick also commented on the potential impact of the US presidential election on BTC price, predicting that Joe Biden's decision to run for president again would be a “great buying opportunity” for Bitcoin investors. However, if Biden leaves office, Bitcoin's price could fall to as low as $50,000.
Kendrick also noted that if President Joe Biden is replaced by an alternative candidate similar to former First Lady Michelle Obama, “Bitcoin prices will likely remain low.” Given former President Donald Trump's adoption of Bitcoin, Kendrick added that “regulation and mining will likely be viewed more favorably under a Trump administration.”
Political events, especially the US presidential election, can have a significant impact on the cryptocurrency market. Investors should therefore stay tuned to political and economic developments that may affect the value of Bitcoin and other digital assets.
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Evolving and adapting to the world is the best weapon to survive in this world. Cryptocurrency Community Manager. Interested in Blockchain and all its derivatives. Sharing my experience has allowed me to know the area I am passionate about and to compile and digitize information.
Disclaimer
The views, thoughts and opinions expressed in this article are those of the author and should not be taken as investment advice. Please conduct your own research before making any investment decisions.
